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Pre-packed and <keyword id="14314091" type="General" weightage="20" keywordseo="labelled-food-items" source="Orion">labelled food items</keyword> like meat, fish, curd, paneer and honey will now attract GST, a tax that will also be levied on the fee that banks charge for the issue of cheques. This after the <keyword id="6355040" type="General" weightage="50" keywordseo="gst-council" source="Orion">GST Council</keyword> - the highest decision-making body on the levy of goods and services tax - accepted most of the recommendations of a group of ministers from states on withdrawing exemptions with a view to rationalising the levy, officials said. The panel headed by <keyword id="161813" type="General" weightage="20" keywordseo="Union-Finance-Minister" source="Orion">Union Finance Minister</keyword> <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> and comprising representatives of all states and UTs, on the first day of the two-day meeting accepted the GoM's recommendation for reviewing the exemption from GST that packed and labelled food items currently get. So pre-packed and labelled meat (except frozen), fish, curd, paneer, honey, dried leguminous vegetables, dried makhana, wheat and other cereals, wheat or meslin flour, jaggery, puffed rice (muri), all goods and organic manure and coir pith compost will not be exempted from GST and will now attract a 5 per cent tax. Similarly, an 18 per cent GST will be levied on fee charged by banks for the issue of cheques (loose or in book form). Maps and charts including atlases will attract a 12 per cent levy. Goods that are unpacked, unlabelled and unbranded will continue to remain exempt from GST. Besides, a 12 per cent tax on hotel rooms below Rs 1,000/day will be levied, as against a tax exemption currently. GST rate rationalisation is important to boost the weighted average GST rate that has fallen to 11.6 per cent, against 14.4 per cent at the time of launch. The GST Council also recommended a correction in the inverted duty structure for a host of items, including edible oil, coal, LED lamps, printing/drawing ink, finished leather and solar water heater. The Council is likely to discuss on Wednesday the demand for an extension of compensation paid to states for revenue lost from their taxes such as sales tax (VAT) being subsumed into a national GST, besides a 28 per cent tax on casinos, online gaming and horse racing. Non-BJP ruled states such as Chhattisgarh want the compensation regime to be extended or the share of states in the GST revenues be increased to 70-80 per cent from the current 50 per cent. And to drive their point, they cited a recent <keyword id="6354977" type="General" weightage="50" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> ruling that decisions made by the Council are not binding on states and any decision not taken unanimously could potentially lead to unraveling of the landmark economic reform. The report of the state finance ministers on GST systems reforms, which recommended biometric authentication of high risk taxpayers and real-time validation of bank accounts too was cleared by the Council. As per data on revenue growth collated for the Council meeting, only five out of 31 states/UTs, Arunachal Pradesh, Manipur, Mizoram, Nagaland, and Sikkim, registered a revenue growth higher than the protected revenue rate for states under GST in financial year 2021-22. With regard to e-way bill on intra-state movement of gold, gold jewellery and precious stones to check evasion, the Council recommended that states can decide on the threshold above which the electronic bill is to be made mandatory. A panel of state ministers had recommended the threshold to be Rs 2 lakh and above.

Pre-packed meats, curds, paneer and puffed rice will now attract GST

The Goods and Services Tax (<keyword id="6354679" type="General" weightage="100" keywordseo="gst" source="Orion">GST</keyword>) Council held its 47th meeting last week and announced a slew of changes. It decided to bring more food items and services under its ambit, which might further strain already burdened <keyword id="1913721" type="General" weightage="20" keywordseo="family-budgets" source="Orion">family budgets</keyword>. <div type="image" title="GST changes might further strain already burdened family budgets" msid="92733185" hostid="261" caption="&amp;lt;p&amp;gt;GST changes might further strain already burdened family budgets&amp;lt;/p&amp;gt;"></div> What is GST? The Goods and Services Tax is a uniform indirect tax that replaced almost all central taxes. It came into effect in July 2017 and <a href="https://www.adityabirlacapital.com/abc-of-money/taxes-replaced-by-gst">subsumed </a>more than 13 central and state-level taxes. Why the revisions in GST? GST rates were being revised to rationalise tax on certain goods and services to correct an inverted duty structure, said Union Finance Minister Nirmala Sitharaman. Revised GST brings more food items under the tax slab Sitharaman chaired the meeting that included representatives of all states and UTs. A raft of decisions were taken at the meeting, including the withdrawal of the tax exemption on pre-packed and labelled retail items. Food items such as curd, lassi, puffed rice, buttermilk, meat (except frozen), fish, paneer, honey, dried leguminous vegetables, dried makhana, wheat and other cereals, wheat or meslin flour, jaggery, all goods and organic manure and coir pith compost will now attract a 5% tax from July 18. One of the reasons why unlabelled commodities were brought under the tax bracket was because some companies were seen to be misusing the provision of exempting unlabelled food items. The council also announced an 18% GST on fees charged by banks for the issue of cheques (loose or in book form). Maps and charts including atlases will attract a 12% levy. The council <a href="https://www.businessinsider.in/policy/news/gst-council-defers-tax-on-casinos-lottery/articleshow/92546658.cms">deferred </a>a decision on levying a 28% tax on casinos, online gaming, horse racing and lottery, pending more consultations with stakeholders. <div type="image" title="Revised GST brings more food items under the tax slab" msid="92733491" hostid="261" caption="&amp;lt;p&amp;gt;Revised GST brings more food items under the tax slab&amp;lt;/p&amp;gt;"></div> Adding to the family bills The new 5% tax on pre-packaged and unpacked essential food items like rice, wheat is expected to add to inflationary concerns, leading to price hikes. Non-ICU hospital rooms costing ₹5,000 a day will now attract 5% GST. Hotel rooms costing under ₹1,000 a day will be brought under the 12% tax slab. Kitchenware knives, blades, spoons, forks and ladles have also been moved to the 18% tax slab, up from 12% earlier. What will be cheaper? There are a few commodities and services that will get cheaper after the recent GST revision. Tax rates on transport of goods and passengers via ropeways; and orthopaedic appliances like splints and artificial body parts have been reduced to 5%. Here a short video- <div type="image" title="Simply put: How will the GST council’s tax changes affect family budgets?" msid="92734429" hostid="261" caption="&amp;lt;p&amp;gt;&amp;lt;b&amp;gt;Simply put: How will the GST council&amp;#8217;s tax changes affect family budgets?&amp;lt;/b&amp;gt;&amp;lt;/p&amp;gt;"></div>

SIMPLY PUT: How will the GST council’s tax changes affect family budgets?

Eating out at restaurants after <keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword> implication is now simpler. Earlier eating out at a restaurant used to be a task when it came to calculating bills. While the printed bills were a saviour with all breakups shown, extra-cautious customers would scrutinize bills twice to make sure the restaurants aren’t calculating it wrong, which wasn’t an uncommon then. But the new era of GST is supposed to bring relief to people. Lesser complications of taxes would mean easier way of doing business. When you eat outside your home from today, you would be glad to see a simpler bill arriving at your table. However the price will be higher now. Restaurants have been categorized into two areas: non-AC and AC restaurants. Eating out in AC restaurants would amount to 18% tax as against 10.6 % charged (including <keyword id="6370857" type="ORGANIZATION" weightage="20" keywordseo="VAT">VAT</keyword> and service tax) earlier. Roadside dhabas or low cost restaurants will attract 12% GST on food bill. Eating at five stars will be as expensive as always attracting a GST of 28%. With all restaurants and eateries adapting the GST bills, your bill would have two components a State GST and Central GST dividing the 12% or 18% equally. We have sourced a sample bill from social media from Facebook user Aman Chadha who had posted on a Food category page. The bill shows that 18% tax has been levied on his food bill this morning at an AC restaurant at Sonepat in Haryana. The food bill of Rs 540 has attracted 18% tax amounting to Rs 97.20. The grand total of the bill including tax thus becomes Rs 637. Here’s the sample of the bill 
	<div type="image" title="cov" msid="59398089" hostid="261"></div>



(Image credit: Facebook)

Eating out just got expensive. Here's how

In last one year, India was overwhelmed by a tsunami of well-intentioned jargons! The ‘Make in India’, ‘Digital India’, ‘Skill India’, ‘Start up India Stand up India’ and ‘achhe din’ platforms raised expectations on the government to ‘walk the talk’ in the <keyword id="2783177" type="UNKNOWN" weightage="20" keywordseo="Budget-2016">Budget 2016</keyword>. 
 
However, the ground realities are that government does not have leeway to announce high profile sops! The expected rise in expenses of Rs 1.1 trillion for pay commission will leave the government hard-pressed to stand by its promise of limiting fiscal deficit to 3.5 % of GDP by 2016. To provide fuel to the ‘Make in India’ juggernaut, a hardnosed pragmatic approach would be in order. The five things that I hope Government will do to benefit manufacturing are: 
 
1. Reduce Subsidies and Reduce Taxes. Government taxes high to subsidize high. Both acts distort the market and are inhibitors of growth. The subsidies on fuel, food and fertilisers by themselves are likely to be a whopping Rs 2.27 lakh crore. A 10 % decrease in these subsidies can create surplus to offset angel investment tax and reduce capital gains tax. This would enable a positive startup culture in the country and motivate startups to remain registered in the country. 
 
2. Risk Sharing by Government. I hope the government will bolster the funding of ‘Mudra Bank’ and ‘Atal Innovation Mission’ to share financial risks of innovation currently borne totally by our entrepreneurs. I expect an enhancement of 100-200% in the corpus of these initiatives. Outside the budget, if the government can pass the languishing bankruptcy act, these would bring in tandem affects on such entrepreneurs to take more risks and invest in R&amp;D. 
 
3. Incentives to Incubators. The government's aim to set up 35 new incubators in existing institutions and further 35 new private sector incubators with government funding support can be a game changer in industry academia relationships. I firmly believe that academia has a strong role to play to bring in rigour and efficiency in our startups and that can only materialize if they are incentivized. 
 
4. Promoting Skilling. With the government having set the target of skilling 500 million people by 2022, Budget 2016 is crucial for education and training sector. I hope government will tweak CSR norms to provide up to 200% tax benefits to companies funding skill development. Under Defence Procurement Procedures 2016, it is hoped that offsets discharge will cover the service of skill development to give fillip to the sector. 
 
5. Changes in Service Tax Regime. While clouds persist on passage of GST, government should remove the restrictions/ limitations imposed on obtaining CENVAT credit. This will make manufacturing more competitive by reducing the burden of taxation on locally made goods. 
 
It is hoped that a friendlier policy towards startups will boost ‘Make in India’ and if the government is able to have GST passed in current budget session, I have a strong feeling that there would be no looking back. 
 
(The article is authored by Col. Rajiv Bhargava. He is an alumnus of ISB and currently serving as Associate Director with the Munjal Institute for Global Manufacturing at ISB) 
 
(Image: Indiatimes)

5 things that Budget 2016 should incorporate to bolster manufacturing

The Good and Service Tax has been rolled out. Finance Minister Arun Jaitley had stated that those food items which were imposed an average of 12.5% under the VAT laws will subsequently be cut-down to 5% under the new GST regime. As per the GST law, all items falling under its regime will be imposed tax rates at 5%, 8%, 18% and 28%. GST will not have any impact on the list of products and services which come below the term ‘Essential’, and this list will have zero tax rate. A survey by All India ITR shows that personal care products, entertainment activities and household items under GST will become cheaper than its current rate. However, many of the services such as mobile phone services, healthcare services as well as transportation charges are expected to attract a tax rate of 18%, which is 3% more than its current 15% tax rate. Once the new rates will come into action, your monthly household budget will also be impacted. The analysis shows that entertainment tax rate under GST will successively be reduced to a 28% tax rate as against its current 30% tax rate. The effect of GST on the current tax rate To keep a surveillance of the goods manufacturers and service providers, the GST council has also taken the resolution to form an anti-profiteering committee. This committee will be the authority responsible for taking care of the grievances to ensure that the benefit of GST upon the lower tax rates doesn't get tampered. It has been declared that the committee will be formed by officials of the central and state revenue departments. <table> <tbody><tr> <td> Goods and Services </td> <td> The Impact of GST </td> </tr> <tr> <td> GST Tax Rate on Automobiles: </td> <td> The GST rate will be higher for SUVs (55% to 43%) as compared to smaller cars (30% to 29%). </td> </tr> <tr> <td> GST Tax Rate on Beauty and Makeup Products: </td> <td> The current tax rate of 26% on these items will increase to 28% (applicable on items like perfumes, skin care products, shampoos etc.). </td> </tr> <tr> <td> GST Tax Rate on Gold Ornaments: </td> <td> The tax rate on gold metal will be 3% while 5% rate will be imposed on making charges. </td> </tr> <tr> <td> GST Tax Rate on Hotel Stay: </td> <td> GST is not applicable for hotel rooms that cost below Rs. 1,000, any cost above this will be taxed progressively, however, all room charges above Rs. 5000 will be charged a whopping 28% tax rate. </td> </tr> <tr> <td> GST Tax Rate on Refined Cooking Oil: </td> <td> Edible oil will be taxed at 5%, a subsequent decrease from its current tax rate. </td> </tr> <tr> <td> GST Tax Rate on Air Travel </td> <td> An economy-class air ticket which is currently taxed at 5.6% will decrease to 5%. While business class travelers will have to shell out a lot more than which is currently charged since it will increase from 8.4% to 12%. </td> </tr> <tr> <td> GST Tax Rate on Telecom </td> <td> The existing tax rate of 15% on telecom services will increase to 18% as these services will not benefit much input tax credit. </td> </tr> <tr> <td> GST Tax Rate on Eating Out </td> <td> Non-AC eateries will charge 12% against GST on your total bill. But, you will have to pay the price of eating out at a 5-star restaurant as 28% in GST will be the tax rate (an increase from the existing 18%). </td> </tr> </tbody></table> A List of Items Exempted from GST Here are a few commonly utilized goods and services which have been exempted from the GST regime. Unprocessed cereals (rice, wheat etc.) Unprocessed proteins (milk, vegetables, meat, fish etc.) Train travel via local and sleeper class. Education. Healthcare (exclusive of medicines). Hotel stay or lodges with room rented at less than Rs. 1,000. Kid’s Stationery items (color pencils, crayons, drawing books etc.) Bindis, sindoor, bangles etc. All India ITR summarizes that the upcoming GST Law will have its own sets of pros and cons - many necessities will get cheaper but in the meanwhile, the rest of the necessities that falls under the higher GST tax rate bracket will ultimately cause a discomfort in the household budget. <keyword id="6360118" type="UNKNOWN" weightage="20" keywordseo="GST-Rates">GST rates</keyword> will also bring about a bigger tax burden on the use or purchase of goods and services which are deemed as luxurious. (This article has been written by Vikas Dahiya, founder, and CEO of <a href="https://www.allindiaitr.com/">All India ITR</a>)

Here's how GST rates will impact your monthly household budget

New Delhi, Apr 15 () Food services firm Elior India on Wednesday said the food service sector is expecting up to 70 per cent drop in revenue which will have a cascading effect on various other things amid lockdown extension. "The food service sector essentially faces the same challenges as the hospitality sector and even somewhat like the aviation sector. Being a USD 7 billion industry in India, it is going to see the most severe impact imaginable," Elior India CEO and MD Sanjay Kumar told . The sector expects a revenue drop of not less than 60 to 70 per cent, which is going to leave a cascading impact on a host of different things, he added."Currently, we employ 5,200 workers and don't believe that going forward, even 25 or 30 per cent of them will be possibly remain employed because the industry is reeling from a huge hit. In the West, the government has reimbursed wages for employees, we don't see that happening here," Kumar said. Businesses will not be able to afford such large wage bills, he added."Shortage of working capital in the food industry is something we have all been mindful of. The removal of GST and the input tax credit has added to the woes of this industry," Kumar said. Going forward, this industry is going to be reeling for a very long time from the impact of COVID-19. Whether the player is small or big, they will have to take a hit and it will not be a surprise if a third of the companies in this sector close down, he added. AKT MKJ

Food service sector to be severely impacted by lockdown extension: Elior India

RBI’s outgoing Governor <keyword id="6358908" type="PERSON" weightage="20" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> kept the <keyword id="2177983" type="UNKNOWN" weightage="20" keywordseo="repo-rate-unchanged">repo rate unchanged</keyword> at 6.50 per cent and even the Cash Reserve Ratio (CRR) was not moved at 4 per cent. 
 
The Reserve Bank of India (RBI) took an accommodative stance but was hawkish on inflation. The uptick in inflation was due to rising prices of vegetables, fruits and pulses. 
 
The retail inflation measured by the Consumer Price Index (CPI) rose to nearly two-year high in June, driven by increase in food and vegetable prices. 
 
READ ALSO: RBI’s outgoing Governor Raghuram Rajan holds interest rates at 6.50% in his last policy review 
 This is the last <keyword id="6357126" type="ORGANIZATION" weightage="20" keywordseo="monetary-policy">monetary policy</keyword> of Rajan, whose term expires on September and will be taking up academia in the US. 
 In his last policy review, Rajan spoke about liquidity, non-performing assets, <keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword> inflation etc. 
 
Here are the main takeaways from Rajan’s last monetary policy 
 
Inflation: The RBI statement read that the recent sharper-than-anticipated increase in food prices pushed up the projected trajectory of inflation over the rest of the year. Moreover, prices of pulses and cereals are rising and services inflation remains somewhat sticky. But, indication are there of them edging down. “Impact of good monsoons will also be helpful,” said Rajan. 
 
Seventh Pay Commission: The implementation of the 7th Pay Commission recommendations will affect the magnitude of the direct effect of house rents on the CPI. The CPI risks will be tilted to the upside. 
 
Goods and Services Tax (GST): The RBI stated the passage of the GST Bill augurs well for growing political consensus for economic reforms. “While timely implementation of GST will be challenging, there is no doubt that it should raise returns to investment across much of the economy,” said Rajan. 
 
Momentum of growth: RBI stated the momentum of growth is expected to be quickened by the normal monsoon raising agricultural growth and rural demand, as well as by the stimulus to consumption spending that can be expected from the disbursement of pay, pension and arrears following the implementation of the 7th Pay Panel. 
 
Non-Performing Assets: Rajan said the RBI was comfortable with the way banks were taking up the issue. He said banks know what to do and RBI has many schemes for NPAs. It all depends on the banking system and Rajan said they are doing their bit. 
 
Rate transmission: Rajan said once there is liquidity, banks will pass on the rate cuts. Rajan said banks will also have to clean up bad debts to pass on the rate efficiently

Here are 6 key takeaways from Raghuram Rajan’s ultimate policy review

The government is all gung-ho about having presented a moderate railway budget, a rather no-frills one, with more amenities promised. Well done, on the first stroke. Now, as we progress into the days before budget session is completed, <keyword id="45031" type="PERSON" weightage="20" keywordseo="Tax">tax</keyword> payers are awaiting their turn with bated breath. Will the government allow them to have more money on hand? Will the <keyword id="6354751" type="COMPANY" weightage="20" keywordseo="Income-Tax">income tax</keyword> limit be increased, helping them have more savings and leave some money for expenses too? 
 If the indicators are anything to go by, the base limit for income <keyword id="6383566" type="PERSON" weightage="20" keywordseo="Taxation">taxation</keyword> would be hiked by Rs 50,000 from the existing Rs 2.5 lakh (to be hiked to Rs 3 lakh). While the consumers, investors, and <keyword id="59866" type="COMPANY" weightage="20" keywordseo="taxpayers">taxpayers</keyword> have been waiting for the government to bring them some good news; it would be feasible to remember last year’s massive tax cuts had bled the government badly. The generosity showed on individual tax payers had led to an estimated loss of Rs 22,000 crore to the exchequer. 
 Even though the tax rate in India is moderate, the current budget is carrying a heavy load of expectations on its shoulders. Experts feel this budget would bring in more relief to people who had been reeling under the <keyword id="22195" type="COMPANY" weightage="20" keywordseo="Inflation">inflation</keyword> crisis since long. Apart from the basic taxation limit being raised, the tax payers are also expecting some booty from the segment of tax saving deduction which comes under 80C to be hiked to Rs 2.5 lakh, paving way for varied savings plans. A separate deduction, they hope, would help them save up for a rainy day or even pension plans. 
 
There is a segment of tax payers who are involved in this chain indirectly than having to be part of it. The home makers want the government to leave their spouses or earning members with more disposable income, considering the rising cost of education and necessary commodities. 
 The government, they feel should act to control the prices, which would be the only way to put the additionally saved disposable income to use. Cost of education needs to be made more affordable for middle class households who have been witnessing a stagnated income owing to various factors such as <keyword id="47890" type="ORGANIZATION" weightage="20" keywordseo="global-economy">global economy</keyword> slowdown and hike in prices of essential commodities such as food, fruits, medicines and vegetables. 
 Students who have turned self sufficient over a period of time, owing to the fact that student loan is well within their reach want the <keyword id="6371181" type="UNKNOWN" weightage="20" keywordseo="interest-rates">interest rates</keyword> for their loan to be brought down. This needs to happen simultaneously alongside the creation of better employment opportunities, which would then ensure the return of <keyword id="483537" type="ORGANIZATION" weightage="20" keywordseo="capital-investment">capital investment</keyword> on part of the government. 
 
The government needs to take measures to popularise retirement schemes and savings right from the time a young professional goes to work, on two levels. The direct and important one would be the government benefiting from it. The second one would be about the individuals being able to make large savings over a period of time, without having to worry about mounting healthcare bills at their old age. 
 Saving under different headers would also bring down the risk of running high amount of taxes, and also ensure to being in some kind of social security system set up by self. That apart, this would also help the <keyword id="6357264" type="ORGANIZATION" weightage="20" keywordseo="capital-market">capital market</keyword> procure funds for long-term development without having to worry about fluctuating tax rates with every year. 
 
The tax collection methods need to be worked on to make them more efficient to bring in those individuals who have been evading taxes since long. Because of this, every passing year, the middle class is shelling more money out of its earnings to fund various government schemes, bearing the load all upon their fragile shoulders. This is leading to a widespread dissent among those who are paying taxes honestly and promptly at the end of every financial year. 
 The government is hoping to roll out <keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword> – Goods <keyword id="645517" type="COMPANY" weightage="20" keywordseo="services-tax">Services Tax</keyword> – effective next year. Having said this, the government should also take adequate steps to ensure that this does not hurt the schemes for poor, or burden the middle class with more expenses lined up under the guise of making things easier for them. 
 
Image: thinkstock

Budget 2015: Taxpayers want more money
in hand

New Delhi, Dec 27 () Nearly 47 lakh kilograms of used cooking oil has been collected from food business operators since August and about 70 per cent of the quantity has been converted into bio-diesel, according to an industry body.
 The Biodiesel Association of India (BDAI) on Friday conducted an interactive workshop at the National Street Food Festival being held at Jawaharlal Nehru Stadium from December 25-29.
 The National Association of Street Vendors of India (NASVI), along with Food Safety and Standards Authority of India (FSSAI), is organising the festival.
 BDAI President Sandeep Chaturvedi said the collection of used cooking oil from food businesses started from August. FSSAI has set up a web portal RUCO (Repurpose Used Cooking Oil) for collection of edible oil.
 RUCO is a technology platform that gives 100 per cent traceable UCO-based bio-diesel to the oil marketing companies (OMCs).
 The RUCO initiative, which is currently running in eight states/UTs, has 11 enrolled bio-diesel manufacturers and four aggregators.
 "Total collection recorded till December 24 stood at 46,79,511 Kgs. Around 33,35,469 kgs of bio-diesel have been produced and balance stock of used cooking oil is 13,44,042 kgs," Chaturvedi told reporters.
 He said there are about 30 plants for bio-diesel manufacturing.
 Chaturvedi said the OMCs are buying bio-diesel at Rs 51 per kg and then blending it with diesel.
 He said over 1 million tonnes of bio-diesel can be produced through used cooking oil. The total bio-diesel demand is 45 lakh tonnes per annum for 5 per cent blending.
 The workshop focused on green initiatives to collect and convert used cooking oil to bio-diesel.
 Used cooking oil creates free radicals which attaches to our healthy cells and thus causes serious ailments like heart diseases, bad cholesterol, cancer, and irritable throat. The used cooking oil discharge can also pollute water bodies, freshwater resources and soil. One litre of used oil can contaminate 10,00,000 litres of fresh water.
 "Every used oil collection is recorded and verified with FSSAI registration number of the food business operator. The portal reflects the collection quantity in each city in real time. The aggregated used cooking oil is supplied to the bio-diesel plant who convert it into bio-diesel and supply to the OMCs. All transactions are verified with the GST invoice and E-way Bills," Chaturvedi said. MJH ABM

'47 L kg used cooking oil collected from food biz operators since Aug;70% converted into bio-diesel'

<ul><li><keyword id="19901323" type="General" weightage="20" keywordseo="Zomato" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato" meta.hostid="261" meta.entityid="Zomato">Zomato</keyword> has increased the platform fees to ₹10 per order.</li><li>The <keyword id="20299300" type="General" weightage="20" keywordseo="platform-fee" source="keywords">platform fee</keyword> is charged on each order irrespective of the order value or Zomato Gold membership.</li><li>With this, the platform fees has increased by five times within a year.</li></ul> The festive season is here and you are more likely to order food and sweets from apps like Zomato and Swiggy. Anticipating a rise in food orders, Zomato has hiked the platform fee from ₹6 to ₹10 and has renamed it to the “Festive season platform fee”. “This fee helps us pay our bills to keep Zomato running. To maintain services during festive rush, it has increased slightly,” a notification on the Zomato app said. <div type="image" title="Zo" msid="114496613" hostid="261" sizebytes="39238" caption="&amp;lt;p&amp;gt;Festive season platform fee on Zomato&amp;lt;/p&amp;gt;"></div> Zomato introduced platform fees in 2023, which began at ₹2 per order. This was then increased to ₹3 and then to ₹5 in April 2024. In July 2024, the fee was increased to ₹6 per order. Now, the platform fee has been increased to ₹10, marking a five-fold increase in just a year. The platform fee is different from other charges levied on orders such as GST, delivery charges and restaurant charges. Customers are required to pay this charge irrespective of Zomato Gold membership. Zomato recently approved a fundraising of ₹8,500 crore via a qualified institutional placement (QIP). This is aimed at boosting its cash reserves after its recent acquisition of ticketing business from Paytm. <h2>Zomato share price surges</h2>Zomato’s share price increased by 2.3% on Wednesday after the increase in platform fees. The company’s shares were trading at ₹262.25 at 11:50. The company’s share price has increased by over 140% in the past year. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/upi-refund-scam-to-digital-arrest-scam-here-are-most-common-online-scams-in-india/articleshow/114428011.cms">UPI refund to digital arrest scam, here are some online scams you need to be aware of</a> <a href="https://www.businessinsider.in/personal-finance/news/best-credit-cards-for-online-shopping-in-india/articleshow/114354358.cms">Best credit cards for online shopping this festive season</a> <a href="https://www.businessinsider.in/business/auto/news/the-ola-electric-saga-are-surge-in-complaints-and-declining-market-share-a-wake-up-call-for-bhavish-aggarwal/articleshow/114120828.cms">The Ola Electric Saga: Are surge in complaints and declining market share a wake-up call for Bhavish Aggarwal?</a>

Diwali gift from Zomato – Platform fee increased to ₹10 ahead of the festive season

Apart from the decision on the repo rate hike by the Reserve Bank of India's (<keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>) Monetary Policy Committee (<keyword id="6369693" type="General" weightage="20" keywordseo="mpc" source="Orion">MPC</keyword>) at its upcoming meeting, one can also expect few more things post the discussions. Economic experts expect the <keyword id="15698737" type="General" weightage="20" keywordseo="mpc-to-hike-the-repo-rate" source="Orion">MPC to hike the repo rate</keyword> by 25-35 basis points (bps) with industry lobby body ASSOCHAM also urging the central bank to do the same. Further it will also be interesting to see whether there will be unanimity amongst the members of the MPC on the decisions taken at the ensuing meeting. Post MPC meeting, the RBI Governor Shaktikanta Das is expected to share what the bank has written to the central government as to the reasons for not controlling the inflation and the steps that are being taken to reign in the same. The MPC had met on November 3, to discuss what it would tell the central government on the reasons why it was not able to restrain the inflation. As per the Section 45ZN of the RBI Act, when the central bank fails to meet the inflation target, it shall send a report to the Central government listing: the reasons for failure to achieve the inflation target; remedial actions proposed to be taken by it; and an estimate of the time-period within which the inflation target shall be achieved pursuant to timely implementation of proposed remedial actions. The proceedings of the said MPC meeting have not been made public even though the law provides to the contrary. As per section 45ZK, the RBI shall publish, after the conclusion of every meeting of MPC, the resolution adopted by the said Committee. Further, as per the Section 45ZL of the RBI Act, the minutes of the MPC meeting has to be published on the 14th day after every meeting including: the resolution adopted at the meeting of the MPC; the vote of each member of the MPC, ascribed to such member, on resolutions adopted in the said meeting; and the statement of each member of the MPC under sub-section (11) of Section 45ZL on the resolutions adopted in the said meeting. On the issue of unanimity amongst the MPC members, at the September MPC meeting, Dr. Ashima Goyal voted against the resolution to hike the repo rate by 50 basis points to 5.90 per cent. Goyal was for a hike of 35 basis points and explaining his reasons voted against the resolution. However, the resolution was passed by a 5:1 majority. In India, the retail inflation rose to 7.41 per cent in September. At the same meeting, another member Prof. Jayanth R. Varma voted against the second part of the resolution on the withdrawal of accommodation to ensure inflation remains within the target. Varma said the MPC should now pause rather than focus on further tightening. On the issue of upward rate revision, he was for upward revision by 60 basis points instead of 50 basis points that was proposed. As the difference between the two was only marginal Varma voted in favour. Be that as it may, the expectation of the MPC meeting is that the repo rate hike will be a moderate one and range between 25-35 bps. The RBI has hiked the repo rate by 190 bps from four per cent to 5.90 per cent. Now MPC will take into account the gross domestic product (GDP) growth estimates, the foodgrain production estimates, inflation projection, global economic activity and other factors. "The RBI will be presenting the monetary policy against the backdro p of GDP growth slowing down as well as inflation being high above six per cent," Madan Sabnavis, Chief Economist, Bank of Baroda said. According to him, the MPC will continue with rate hikes this time though the magnitude will be lower - probably 25-35 bps, "More specifically we do believe that the terminal repo rate for th e financial year will be 6.5 per cent, which means there will be one more rate hike in February. It is unlikely to change the stance and the withdrawal of liquidity will continue," he added. "We expect a 35 bps rate hike in the upcoming meeting. The Consumer Price Index (CPI) inflation is likely to moderate further in the coming months and slip below six per cent by the end of the fiscal year," Rajani Sinha, Chief Economist, CARE Ratings told IANS. She also said the Wholesale Price Index (WPI) has also fallen sharply from 16 per cent in May/June to around eight per cent. "The fall in global commodity prices comes as a big relief. However, the concern is that core inflation in India still remains high above six per cent. Food inflation and specifically cereal inflation is also high," Sinha pointed out. This, in turn, will put upward pressure on household inflationary expectations which is already at a high of around 10 per cent. Hence, while there is some reprieve on the inflation front, RBI would remain vigilant, she added. On the growth front, high frequency economic indicators like auto sales, GST collection, e-way bill, PMI continue to indicate healthy recovery. However, some consumption indicators like IIP consumer durables and non-durables remain weak, Sinha said. Moreover, external demand is weakening as the global economy slows down, Sinha said. According to K. Joseph Thomas, Head Research, Emkay Wealth, as far as interest rates go, the trajectory of domestic inflation is of prime importance. "The pressure seems to be easing on the price level, but the comfor t that can be drawn from fuel prices is far from real. The upside risks in fuel prices continue to be a concern," he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/investment-intent-of-10-5-lakh-crore-received-at-odisha-biz-summit/articleshow/95974094.cms" style="">Investment intent of ₹10.5 lakh crore received at Odisha biz summit</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="http://businessinsider.in/stock-market/news/indian-markets-open-the-week-on-a-mixed-note-sbi-maruti-suzuki-inox-green-energy-among-stocks-in-focus/articleshow/95991254.cms" style="">Indian markets open the week on a mixed note – SBI, Maruti Suzuki, Inox Green Energy among stocks in focus</a>

RBI's MPC meeting could throw up a lot more than just a rate hike, say experts

<ul><li>Amazon Prime has listed down all the things a person can avail in ₹442, the same amount spent by <keyword id="3194" type="PERSON" weightage="20" keywordseo="Rahul-Bose">Rahul Bose</keyword> to purchase two bananas at a five-star hotel in Chandigarh. </li><li>Amazon says people can even save ₹55 after having access to at least six services by Amazon for three months. </li><li>Last week, Bollywood actor Rahul Bose posted a bill showing the hefty amount charged by J.W. Marriot for two bananas.</li></ul>India's obsession with Rahul Bose's tweet over bananas isn't over yet. And, it has a new addition--- Amazon India. In a quirky tweet, Amazon Prime has listed down all the things a person can avail in ₹442, the amount Rahul Bose spent on two bananas at a five-star hotel. Amazon says that people can even save ₹55 after having access to at least six of their services including prime membership for three months. 
	
	
	
	<div type="twitter" handle="PrimeVideoIN" handlename="amazon prime video IN" image="http://pbs.twimg.com/profile_images/978513055393853440/h4MNop2Z_normal.jpg" favoritecount="3548" retweetcount="738" status="prime subscription is just Rs. 129 per month btw 👀 https://t.co/oqzA81ssan" createdat="1564066786000" id="1154405891422056449"></div>








 Last week,<a href="https://www.businessinsider.in/bollywood-actor-rahul-bose-shares-video-of-a-hotel-overcharging-him-for-two-bananas/articleshow/70357553.cms"> Bollywood Actor Rahul Bose posted a bill showing </a>the hefty amount charged by J W Marriot in Chandigarh, for two bananas. The actor paid ₹442 for two bananas which are readily available in the local fruit market for less than ₹20. 
	
	
	
	<div type="twitter" handle="RahulBose1" handlename="Rahul Bose" image="http://pbs.twimg.com/profile_images/3155003928/bf62cf2119a909d1fafd5c0ee11ef421_normal.jpeg" favoritecount="9849" retweetcount="3344" status="You have to see this to believe it. Who said fruit wasn’t harmful to your existence? Ask the wonderful folks at… https://t.co/NqZEXcb57l" createdat="1563794185000" id="1153262517961003010"></div>









 The post went viral on Twitter making people share their ‘Rahul Bose Moment’. J.W Marriot <a href="https://www.businessinsider.in/bollywood-actor-rahul-bose-shares-video-of-a-hotel-overcharging-him-for-two-bananas/articleshow/70357553.cms">got into trouble in addition to being trolled </a>for overcharging fresh fruits. Chandigarh's tax department ordered an investigation on the hotel for illegally imposing GST or Goods and Services Tax. The law doesn't allow hotels to charge GST on fresh fruits. Indian hotels are amongst the highly taxed in the world. Luxury stays in five-star hotel start from ₹15,000 and can go up to ₹50,000 for a night. These charges don't include food or spa services. Most hotels levy as much as 28% GST on many services.

#FOMO Alert: Amazon joins Rahul Bose's 'banana' wagon

New Delhi, Dec 13 () Finance Minister Nirmala Sitharaman on Friday promised more stimulus measures for sectors of the economy in distress as she counted on steps taken till now to boost growth by driving up consumption.
 She also said the Centre is aware of the pending GST compensation to states and will honour its commitment.
 Addressing a press conference on the state of the economy along with senior officials, Sitharaman said the government will continue to take measures as and when required to boost growth.
 Asked by when she expects the economy to revive, she said, "I'm not engaging in any prediction based thing. I am looking at the economy, where I need to intervene, I am intervening and I shall continue to address the problem of the industry affected by the crisis."
 She declined to comment on the narrative of stagflation -- high inflation coupled with declining growth.
 "No comment on that. I have heard it. Stagflation is a narrative which is going on. I am hearing it," she said.
 Rising food prices pushed retail inflation in November to an over three-year high of 5.54 per cent, while industrial sector output shrank for the third month in a row by 3.8 per cent in October, indicating deepening slowdown in the economy, government data showed on Thursday.
 Many economists, including former RBI Governor Raghuram Rajan, have expressed fear of India getting into stagflation mode.
 India's economic growth slowed to a 6-year low of 4.5 per cent in the July-September quarter. With inflation rising, fears of stagflation -- a fall in aggregate demand accompanied by rising inflation -- have resurfaced. 
 Ahead of the crucial meeting of the GST Council, Sitharaman also said the buzz of an increase in GST rates is everywhere other than her office.
 She was responding to a question on talk of current Goods and Services Tax (GST) rates of 5, 12, 18 and 28 per cent being raised to make up for the fall in revenues that has even hampered giving compensation to states for loss of revenue from implementation of the indirect tax regime.
 "Buzz is everywhere other than my office," she remarked.
 Sitharaman, however, did not rule out a hike in GST rates, saying her ministry is yet to apply its mind to it.
 She further said there is no denying the fact that GST compensation is pending to all states.
 "I'm also say that it is an article of faith and we should keep up what has been coming to in terms of giving compensation to states," she said.
 On the rising onion prices, the finance minister said prices in some places are coming down with imports of the commodity.
 With fresh crop coming in the market, the prices will further decline, she said, adding a Group of Ministers (GoM) is regularly reviewing onion prices.
 On the quantum of revenue shortfall during the current fiscal, Revenue Secretary Ajay Bhushan Pandey said tax collection data is out till November and the advance tax numbers after December 15 will give fairly good estimate of the tax mop-up.
 Some realistic estimate will be known after advance tax collection figures are out, he said.
 While making a detailed presentation on the state of economy, Chief Economic Adviser K V Subramanian said various measures have been taken since August to boost economy. These include moderation in interest rate and infusion of liquidity through various means.
 Also, capitalisation of public sector banks and giving last-mile funding to realty projects was announced.
 Subramanian said following RBI guidelines mandating banks to link their lending rates to external benchmarks, all public sector lenders have introduced repo rate linked loan products and 8.18 lakh repo linked loans amounting to Rs 72,201 crore were sanctioned till November 27, 2019.
 Besides, through MSME bill discounting, about 5 lakh bills worth Rs 12,698 crore were traded till November 15.
 As part of the government's initiative to clean up the banking system, he said a transparent one-time settlement policy was adopted. DP ANZ ABM

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